Further to Joe Salerno’s post on “Hayek and the Intellectuals,” it’s worth adding that Hayek was not alone in thinking of the intellectual class as naturally hostile to the market economy. In particular, there are many similarities between Hayek’s ideas and those found in Schumpeter’s “Sociology of the Intellectuals.”That takes us to a Heinlein quote to which Instapundit periodically refers:
Schumpeter famously argued in Capitalism, Socialism, and Democracy (1942; three years before Hayek’s essay) that the entrepreneurial economy creates wealth and improves social conditions to such an extent that it eventually undermines itself and is replaced with socialism. Entrepreneurs are so successful that people take them for granted; in fact, people resent entrepreneurship and innovation, because the constant transformation of the economy gives them feelings of instability and uncertainty.
“Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded—here and there, now and then—are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty.QED.
This is known as ‘bad luck’.”